Trevor.
Keep in mind that the HD100 doesn't give you uncompressed signal, even when using Component out. That output gives you a "less compressed" signal, one that is not so crushes as the HDV one. An uncompressed signal would give you 4:4:4 color representation, component out gives you 4:2:2 instead of 4:2:0. That's the main advantage and yes, you can see the difference.
In addition, the better color coding gives you a better starting point for chromakey.

Calling an analog signal 4:anything:anything is not entirely accurate, since those numbers are referring to digital sampling rates. It's all dependent on the digital sampling rate of the deck you use to capture. Also, 4:2:2 can still be considered "uncompressed."